Spotlight on Conveyancing – Just What IS Conveyancing?
If you’re new to buying or selling property, chances are you’ve never heard of the term ‘conveyancing’.
However, once you start looking a bit closer at the whole moving process, you start to realise just how important conveyancing is, and just how vital a role your conveyancing lawyer or licensed conveyancer plays in helping you move home.
To keep things simple, conveyancing is the term used to describe the transfer of ownership of a property from one person to another.
Sound a bit too easy?
We can assure you, the conveyancing process is a lot more complicated than simply getting the right paperwork in order (although that’s an important part, too)!
The legal aspects involved in the transfer of property can be very intricate and complex, and having a conveyancing expert at the reins means a large amount of stress and hassle is taken off the movers’ shoulders.
The conveyancing process really starts when an offer has been made on a property and both parties have deemed it acceptable.
Your conveyancing lawyer will then draw up a draft contract, during which:
- The ownership (or ‘legal title’) of the property is deduced
- All relevant searches are obtained and enquiries are raised, ensuring that the property is transferred without any mishaps or unexpected complications.
Once both parties are satisfied with the contracts, they are then exchanged and the conveyancing lawyers will get their clients to agree on a completion date.
Depending on the circumstances of the conveyancing process, the completion date can be anything from the same day as exchange, to several months later.
The completion stage of the conveyancing process is where:
- Stamp Duty is paid to the Inland Revenue
- The transfer of ownership is registered at the Land Registry
- The keys to the property are handed over
The conveyancing process is now complete!
We’ll be taking a closer, more in-depth look at each stage of the conveyancing process later on in our Spotlight on Conveyancing series, so keep an eye out for more conveyancing details coming soon.
In the meantime, if you’re having problems understanding some of the conveyancing jargon then why not check out our handy conveyancing glossary.
Spotlight on Conveyancing will be back soon, where we’ll be looking at all the right and wrong things to consider when you start looking for your conveyancing provider.
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